Copper Quest Acquires 100% Interest in the Kitimat Copper-Gold Project
Executive Summary
- Copper Quest exercised its option and acquired 100% of the Kitimat Copper‑Gold Project in British Columbia, marking its fifth acquisition in just over a year.
- Consideration was paid with 2,000,000 common shares at a deemed price of $0.165 per share plus 256,800 finder’s shares at $0.125 each; the project carries a 2.5% NSR royalty (40% repurchasable for CAD 1 M).
- Historical drilling on the Jeannette Cu‑Au Zone shows near‑surface mineralization with grades up to 1.03 g/t Au and 0.54% Cu over >100 m intervals, indicating a potentially larger porphyry system.
Key Details
- Acquisition Structure:
- 2,000,000 Copper Quest common shares issued (deemed $0.165/share).
- 256,800 finder’s shares issued (deemed $0.125/share).
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Net Smelter Return royalty: 2.5% on the project; Company may repurchase 40% for CAD 1,000,000 and retains right of first refusal on remaining interest.
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Project Overview:
- Size: ~2,954 ha in the Skeena Mining Division, BC.
- Infrastructure: <10 km to tidewater, 1.5 km to rail, 6 km to high‑voltage transmission.
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Geology: Located in the Stikine Terrane, part of a prolific porphyry copper‑gold belt; primary target is the Jeannette Cu‑Au Zone (epithermal expression of larger system).
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Historical Drill Results (Decade Resources, 2010):
- Hole J‑7 – 117.07 m @ 1.03 g/t Au, 0.54% Cu (1.52–118.60 m).
- Hole J‑1 – 103.65 m @ 1.00 g/t Au, 0.55% Cu (9.15–112.80 m).
- Hole J‑2 – 107.01 m @ 0.80 g/t Au, 0.45% Cu (6.10–113.11 m).
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Hole J‑8 – 112.20 m @ 0.41 g/t Au, 0.33% Cu (11.89–124.09 m).
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Future Work Plan:
- AI‑driven integration of historic and modern data to build a comprehensive geological model.
- Pending work permit: additional mapping, sampling, ground magnetics, IP, passive seismic.
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Planned follow‑up drill program to test key targets within the interpreted porphyry system.
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Management Comments: CEO Brian Thurston highlighted the strategic fit of the asset, its infrastructure advantages, and the strong historical drill results as justification for adding value to Copper Quest’s portfolio.
Notable Quotes
“The addition of the Kitimat Copper‑Gold Project demonstrates Copper Quest’s continued effort to add shareholder value through the acquisition of critical mineral projects… The strong historical drill results from the Jeannette zone speak to the potential of a larger near‑surface mineralized system.” – Brian Thurston, CEO
Materiality Assessment: Material – Positive (significant asset acquisition with share consideration and promising historic drilling that could materially impact future valuation).